⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 31.26%

One-Sentence Summary:

Ghana's central bank prepares for the launch of its digital currency, E-cedi, amidst rising concerns around potential misuse and violations of freedom.

✅🇬🇭 is readying to roll out its own Central Bank Digital Currency, E-cedi, although economic instability leads to a foggy launch timeline.

✅Vice President Mahamudu Bawumia emphasised the importance of embracing digital currencies, specifically CBDCs in 2021 for enhancing trade.

✅A partnership was formed with Giesecke+Devrient for piloting a retail CBDC.

✅The Bank of Ghana delayed the launch in 2022 due to high inflation; Governor Ernest Addison stressing the need to stabilise the economy first.

✅The Central Bank put forth a report detailing motivations like addressing cryptocurrency's rise, digitising the economy, promoting financial inclusion and planning for future regulations.

✅However, forming a retail CBDC is still a goal, and in 2023 the bank completed its pilot.

✅Plans for the CBDC launch were announced by Vice President Mahamudu Bawumia in 2024, positioning the E-cedi as a tool against corruption, money laundering, and for tax collection.

✅In spite of an 80/100 Freedom in the World Report score in 2023, 🇬🇭 wrestles with challenges around freedom of expression and high-level corruption.

✅Growing attacks on journalists reported in 2022 could potentially worsen with the CBDC's launch, as the government could cut off dissenting voices economically.

✅With an alarming report of $346 million financial mismanagement due to corruption in 2022, the adoption of a CBDC could extend state control and surveillance, potentially exacerbating existing issues.

#CBDCs #HumanRights #FreedomOfSpeech #GovernmentSurveillance #FinancialInclusion

Considering the potential risks of CBDCs, especially in relation to freedom of expression and government surveillance, how can countries balance the adoption of digital currencies and maintain an environment that promotes liberty and civil rights?

Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.

Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

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